Oklahoma Statutes
Title 6. Banks and Trust Companies
§6-1702. Definitions.

As used in this act:

1. "Account" means the client relationship established with a trust company involving the transfer of funds or property to the trust company, including a relationship in which the trust company acts as trustee, executor, administrator, guardian, custodian, conservator, bailee, receiver, registrar, or agent, but excluding a relationship in which the trust company acts solely in an advisory capacity;
2. "Act as a fiduciary" or "acting as a fiduciary" means to:
3. "Administer" with respect to real or tangible personal property means, as an agent or in another representative capacity, to possess, purchase, sell, lease or insure, safekeep or otherwise manage the property;
4. "Affiliate" means a company that directly or indirectly controls, is controlled by, or is under common control with a trust institution or other company;
5. "Bank" has the meaning set forth in 12 U.S.C., Section 1813(h). "Bank" shall not include any "foreign bank" as defined in 12 U.S.C., Section 3101(7), except for any such foreign bank organized under the laws of a territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands, the deposits of which are insured by the Federal Deposit Insurance Corporation;
6. "Bank supervisory agency" means:
7. "Branch" with respect to a depository institution has the meaning set forth in paragraph 7 of Section 102 of Title 6 of the Oklahoma Statutes;
8. "Charter" means a charter, license or other authority issued by the Commissioner or a bank supervisory agency authorizing a trust institution to act as a fiduciary in its home state;
9. "Client" means a person to whom a trust institution owes a duty or obligation under a trust or other account administered by the trust institution or as an advisor or agent, regardless of whether the trust institution owes a fiduciary duty to the person. The term includes the noncontingent beneficiaries of an account;
10. "Commissioner" means the State Banking Commissioner;
11. "Company" includes a bank, trust company, corporation, limited liability company, partnership, association, business trust, or another trust;
12. "Department" means the Oklahoma Department of Banking;
13. "Depository institution" means any company chartered to act as a fiduciary and included for any purpose within any of the definitions of "insured depository institution" as set forth in 12 U.S.C., Sections 1813(c)(2) and (3);
14. "Fiduciary record" means a matter written, transcribed, recorded, received or otherwise in the possession or control of a trust company, whether in physical or electromagnetic form, that is necessary to preserve information concerning an act or event relevant to an account or a client of a trust company;
15. "Foreign bank" means a foreign bank, as defined in Section 1(b)(7) of the International Banking Act of 1978, chartered to act as a fiduciary in a state other than this state;
16. "Home state" means:
17. "Home state regulator" means the bank supervisory agency with primary responsibility for chartering and supervising an out-of-state trust institution;
18. "Host state" means a state other than the home state of a trust institution, or a foreign country in which the trust institution maintains or seeks to acquire or establish an office;
19. "License" means the authority granted by the Commissioner pursuant to this act to establish, acquire or maintain a trust office;
20. "New trust office" means a trust office located in a host state which:
21. "Office", with respect to a trust institution, means the principal office, a trust office or a representative trust office, but not a branch;
22. "Out-of-state bank" means a bank chartered to act as a fiduciary in any state or states other than this state;
23. "Out-of-state trust company" means either a trust company that is not a state trust company or a savings association whose principal office is not located in this state;
24. "Out-of-state trust institution" means a trust institution that is not a state trust institution;
25. "Person" means an individual, a company or any other legal entity;
26. "Principal office", with respect to:
27. "Registration" means the process by which a trust institution has been authorized by the Commissioner to acquire, establish or maintain a representative trust office in this state;
28. "Representative trust office" means an office at which a trust institution has been authorized by the Commissioner to engage in a trust business other than acting as a fiduciary;
29. "Savings association" means a depository institution that is neither a bank nor a foreign bank;
30. "State" means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands;
31. "State bank" means:
32. "State trust company" means a corporation or a limited liability trust company organized or reorganized under this act, including a trust company organized under the laws of this state before the effective date of this act;
33. "State trust institution" means a trust institution having its principal office in this state;
34. "Trust business" means the holding out by a person to the public by advertising, solicitation or other means that the person is available to perform any service of a fiduciary in this or another state, including but not limited to:
35. "Trust company" means a state trust company or any other company chartered to act as a fiduciary that is neither a depository institution nor a foreign bank;
36. "Trust institution" means a depository institution, foreign bank, state bank or trust company;
37. "Trust office" means an office, other than the principal office, at which a trust institution is licensed by the Commissioner to act as a fiduciary; and
38. "Unauthorized trust activity" means:
These definitions shall be liberally construed to accomplish the purposes of the Multistate Trust Institutions Act. The Department by rule may adopt other definitions to accomplish the purposes of this act.
Added by Laws 1998, c. 104, § 2, eff. Nov. 1, 1998.

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